Canadian crude oil production has exceeded pre-pandemic levels and is poised to hit new records above 5.2 million b/d by the end of 2022, opening up a crude-by-rail arbitrage until pipeline capacity catches up. Likewise, price discounts for the heavy Western Canadian Select blend in Hardisty, Alberta hit their widest differentials against NYMEX WTI since early 2020, regularly pushing the $20/b threshold since early July when WCS flows began ramping up following a prolonged seasonal maintenance period.
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